Big Change Coming – We mentioned this in February, but please make note!! Our Contract & Forms and Government Affairs Committees discussed the new law going into effect in 2025 related to home inspections. Massachusetts passed a law that ensures home buyers’ rights to inspections and prohibits sellers from pressuring buyers to waive them. The law was signed by Governor Maura Healey on August 6, 2024 as part of the Affordable Homes Act. The regulation deadline has been extended to June 15, 2025. This extension gives additional time to draft the actual regulations, with input by the public and housing industry. You might be hearing that “it’s illegal to strike the home inspection clause from the P&S. It isn’t today, but soon we will know more about what a buyer can or cannot do based on this new legislation. Implementation is likely going to allow us the time required to prepare for the upcoming changes, since contract and forms changes will be required. What is this home inspection law expected to do?
- Prevent sellers from accepting offers that waive or limit a buyer’s right to an inspection
- Give buyers the right to a home inspection within 10 days of their offer being accepted
- Allow buyers to revoke their offer if the property needs repairs that exceed the amount they offered
- Include penalties for sellers who don’t comply with the law
Much like buyer’s current legal 10 day right to inspect for lead paint, this will cover all inspection related issues. Note: Some Auction properties are excluded from this law, as well as some inter-family sales. Stay tuned for more updates to come!